New Rent-to-Own Scheme to Help Buyers: Bosa

September 10, 2014

A home in Vancouver may have become just a tiny bit more affordable this week with the launch of a new rent-to-own program launched by Bosa Properties.

Under the new Bosa Equity program, people who rent an apartment at participating Bosa or BlueSky Properties rental buildings will have up to 15 per cent of their rent placed in a Bosa Equity account. The credit can be put towards a down payment on a future Bosa or BlueSky new home purchase, to a maximum of three per cent of the value of the home.

Bosa’s website describes the scheme as unlike a bank account and more “like a kind of loyalty program that tracks what you spend with us. In some ways it’s better than a bank account, because you can’t use it to splurge on a vacation or new bike.”

It cites the example of renting a one-bedroom Bosa apartment for $1,600 a month. Of that, a maximum of $240 can go toward the purchase of a new Bosa or BlueSky home, so after three years the renter has $8,640 in that account. Bosa will credit up to a maximum of three per cent of the new home’s price, so if the renter would like to buy a $300,000 home, the maximum credit they could use is $9,000.

Participants have up to 24 months after ending their rental lease to spend the credit on a new Bosa or BlueSky home, after which the credit is lost.

Bosa’s website adds, “We understand that it’s hard to save up and still enjoy life, so we want to lend you a hand.”